NEW YORK ( TheStreet) -- Stock futures were paring gains Friday after Federal Reserve Governor Jeremy Stein indicated the Fed could begin curbing its bond-buying program in September, and BlackBerry (BBRY) plunged after a disappointing quarter.
Futures for the S&P 500 were up 2 points, or 1.8 points above fair value, to 1,608.5. Futures for the Dow Jones Industrial Average were up 13 points, or 5.51 points above fair value, to 14,949. Futures for the Nasdaq were adding 2.75 points, or 2.66 points above fair value, to 2,902.25.
The benchmark 10-year Treasury was falling 8/32, boosting the yield to 2.502%. The dollar was down 0.05% to $82.86 according to the
BlackBerry shares were plunging 23.41% to $11.09 after the company missed Wall Street's top- and bottom-line estimates in its first-quarter results on Friday. The smartphone maker reported revenue of $3.1 billion, up from $2.8 billion in the prior year's quarter, but below analysts' forecasts of $3.36 billion. BlackBerry reported a loss from continuing operations of $84 million, or 16 cents a share, compared with a loss of $510 million, or 97 cents a share, in the prior year's quarter.Accenture (ACN) was plunging more than 8% to $73.10 after the company's quarterly revenues missed expectations and the consulting firm reduced its full-year sales guidance after two years of growth. During a speech on monetary policy to the Council on Foreign Relations in New York, Stein urged investors to not look so much nonfarm payrolls data that is released going into the month's meeting. He cautioned that any move by the central bank to wind down stimulus will likely be decided according to economic numbers that preceded those jobs numbers and had been released since the Fall 2012 period when QE3 was launched, in assessing the overall U.S. recovery and in order to lessen potential volatility in the markets. "The best approach is for the
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV